SEC 13F Intelligence

Managers / Q1 2023 · view latest →

PGGM Investments

CIK 0001472190 · PO BOX 117, ZEIST, P7, 3700 AC · 0031302779479

Reported Value
$5.9B
Q1 2023
Positions
387
Filings on Record
30
2019–present window
Filed
May 11, 2023
original filing

Summary

Pggm Investments reported $5.9B in U.S.-listed holdings across 387 positions for Q1 2023.

Its largest position, PLD, represents 4.2% of the portfolio.

Compared with Q4 2022, the fund opened 29 new positions and exited 20.

Portfolio Metrics

Turnover
+8.2%
vs prior filed quarter
Top-10 Concentration
+26.3%
share of reported value
Largest Position
+4.2%
Prologis Inc Com
New / Exited
29 / 20
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $17.2BQ4 ’18Q1 ’19: $19.6BQ2 ’19: $19.9BQ3 ’19: $21.0BQ4 ’19: $17.7BQ4 ’19Q1 ’20: $13.9BQ2 ’20: $17.3BQ3 ’20: $19.1BQ4 ’20: $21.6BQ4 ’20Q1 ’21: $23.1BQ2 ’21: $23.6BQ3 ’21: $19.4BQ4 ’21: $20.1BQ4 ’21Q1 ’22: $20.1BQ3 ’22: $5.7BQ4 ’22: $5.7BQ1 ’23: $5.9BQ1 ’23Q2 ’23: $6.2BQ3 ’23: $5.8BQ4 ’23: $6.6BQ1 ’24: $6.9BQ1 ’24Q2 ’24: $7.0BQ3 ’24: $7.8BQ4 ’24: $7.5BQ1 ’25: $7.4BQ1 ’25Q2 ’25: $5.8BQ3 ’25: $6.2BQ4 ’25: $6.3BQ1 ’26: $5.7BQ1 ’26filingsflow.com

Portfolio Composition

By security type
Common Stock: 50.3%REIT: 48.2%Other: 1.0%ADR: 0.5%
  • Common Stock · 50.3% · $3.0B
  • REIT · 48.2% · $2.9B
  • Other · 1.0% · $61M
  • ADR · 0.5% · $32M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BRXBRIXMOR PPTY GROUP INC COMNEW+1.41M1.41M+$30M$30M
ARGXARGENX SE SPONSORED ADRNEW+44.6K44.6K+$17M$17M
LINLINDE PLC SHS ADDEDNEW+18.8K18.8K+$7M$7M
DHID R HORTON INC COMNEW+52.6K52.6K+$5M$5M
ONON SEMICONDUCTOR CORP COMNEW+40.7K40.7K+$3M$3M
MARMARRIOTT INTL INC NEW CL ANEW+17.2K17.2K+$3M$3M
HLTHILTON WORLDWIDE HLDGS INC COMNEW+17.6K17.6K+$2M$2M
GENERAL ELECTRIC CO COM NEWNEW+24.4K24.4K+$2M$2M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2023

387 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1PLDPROLOGIS INC. COMhistory →COM4.20%$250M2.00M
2WELLWELLTOWER INC COMhistory →COM3.24%$193M2.69M
3DLRDIGITAL RLTY TR INC COMhistory →COM2.92%$174M1.77M
4INVHINVITATION HOMES INC COMhistory →COM2.53%$151M4.82M
5AAPLAPPLE INC COMhistory →COM2.44%$145M879.3K
6WPCWP CAREY INC COMhistory →COM2.36%$140M1.81M
7ESSESSEX PPTY TR INC COMhistory →COM2.29%$136M650.2K
8SPGSIMON PPTY GROUP INC NEW COMhistory →COM2.14%$127M1.14M
9CPTCAMDEN PPTY TR SH BEN INThistory →INT2.09%$124M1.19M
10REXRREXFORD INDL RLTY INC COMhistory →COM2.07%$123M2.07M
11TMOTHERMO FISHER SCIENTIFIC INC COMhistory →COM2.07%$123M213.5K
12EQIXEQUINIX INC COMhistory →COM2.01%$119M165.4K
13CUBECUBESMART COMhistory →COM1.93%$115M2.48M
14MSFTMICROSOFT CORP COMhistory →COM1.90%$113M391.5K
15TRNOTERRENO RLTY CORP COMhistory →COM1.84%$109M1.69M
16NNNNATIONAL RETAIL PROPERTIES I COMhistory →COM1.80%$107M2.43M
17UDRUDR INC COMhistory →COM1.79%$107M2.60M
18DOCHEALTHPEAK PROPERTIES INC COMhistory →COM1.65%$98M4.47M
19SITCSITE CTRS CORP COMhistory →COM1.64%$98M7.95M
20OREALTY INCOME CORP COMhistory →COM1.46%$87M1.37M
21MDTMEDTRONIC PLC SHShistory →SHS1.43%$85M1.06M
22EXREXTRA SPACE STORAGE INC COMhistory →COM1.37%$82M500.5K
23AREALEXANDRIA REAL ESTATE EQ IN COMhistory →COM1.18%$70M558.9K
24FMCFMC CORP COM NEWhistory →COM1.08%$64M525.8K
25KRCKILROY RLTY CORP COMhistory →COM1.05%$62M1.92M
26OCOWENS CORNING NEW COMhistory →COM0.97%$58M605.0K
27GOOGLALPHABET INC CAP STK CL Ahistory →CLASS A0.95%$56M544.1K
28EPREPR PPTYS COM SH BEN INThistory →INT0.91%$54M1.42M
29PSAPUBLIC STORAGE COMhistory →COM0.86%$51M169.7K
30PEBPEBBLEBROOK HOTEL TR COMhistory →COM0.86%$51M3.65M
31CUZCOUSINS PPTYS INC COM NEWhistory →COM0.84%$50M2.35M
32PKPARK HOTELS RESORTS INC COMhistory →COM0.84%$50M4.03M
33HAINHAIN CELESTIAL GROUP INC COMhistory →COM0.84%$50M2.90M
34ITRIITRON INC COMhistory →COM0.81%$48M872.5K
35CTVACORTEVA INC COMhistory →COM0.81%$48M799.8K
36SFMSPROUTS FMRS MKT INC COMhistory →COM0.75%$45M1.28M
37REGREGENCY CTRS CORP COMhistory →COM0.71%$42M691.5K
38REGNREGENERON PHARMACEUTICALS COMhistory →COM0.69%$41M50.2K
39ADECOAGRO S A COMCOM0.61%$36M4.50M
40LIFE STORAGE INC COMCOM0.56%$33M252.1K
41VVISA INC COM CL Ahistory →CLASS A0.55%$33M144.5K
42ABTABBOTT LABS COMhistory →COM0.55%$32M320.6K
43BRXBRIXMOR PPTY GROUP INC COMhistory →COM0.51%$30M1.41M
44PNRPENTAIR PLC SHShistory →SHS0.46%$27M489.7K
45ILMNILLUMINA INC COMhistory →COM0.45%$27M116.1K
46ADMARCHER DANIELS MIDLAND CO COMhistory →COM0.45%$27M334.1K
47BKNGBOOKING HOLDINGS INC COMhistory →COM0.44%$26M9.8K
48MAMASTERCARD INCORPORATED CL Ahistory →CLASS A0.44%$26M71.4K
49MWAMUELLER WTR PRODS INC COM SER Ahistory →COM0.43%$25M1.82M
50EPRTESSENTIAL PPTYS RLTY TR INC COMhistory →COM0.39%$23M933.7K
51AWKAMERICAN WTR WKS CO INC NEW COMhistory →COM0.36%$21M145.4K
52UNHUNITEDHEALTH GROUP INC COMhistory →COM0.35%$21M44.2K
53NEENEXTERA ENERGY INC COMhistory →COM0.34%$20M265.0K
54LOWLOWES COS INC COMhistory →COM0.34%$20M101.3K
55MCKMCKESSON CORP COMhistory →COM0.34%$20M56.5K
56CVXCHEVRON CORP NEW COMhistory →COM0.33%$20M121.9K
57MTDMETTLER TOLEDO INTERNATIONAL COMhistory →COM0.33%$20M13.0K
58JPMJPMORGAN CHASE CO COMhistory →COM0.33%$20M151.5K
59PGPROCTER AND GAMBLE CO COMhistory →COM0.33%$20M131.9K
60MCDMCDONALDS CORP COMhistory →COM0.31%$18M65.4K
61CTASCINTAS CORP COMhistory →COM0.30%$18M38.8K
62YUMYUM BRANDS INC COMhistory →COM0.30%$18M134.5K
63GPCGENUINE PARTS CO COMhistory →COM0.29%$18M104.6K
64KOCOCA COLA CO COMhistory →COM0.29%$17M281.8K
65PEPPEPSICO INC COMhistory →COM0.28%$17M92.5K
66ITWILLINOIS TOOL WKS INC COMhistory →COM0.28%$17M69.2K
67ARGXARGENX SE SPONSORED ADRhistory →ADR0.28%$17M44.6K
68SEDGSOLAREDGE TECHNOLOGIES INC COMhistory →COM0.27%$16M53.5K
69ORLYOREILLY AUTOMOTIVE INC COMhistory →COM0.26%$16M18.5K
70GWWGRAINGER W W INC COMhistory →COM0.26%$15M22.0K
71METAMETA PLATFORMS INC CL Ahistory →CLASS A0.25%$15M70.3K
72ITGARTNER INC COMhistory →COM0.25%$15M45.7K
73CORAMERISOURCEBERGEN CORP COMhistory →COM0.25%$15M92.2K
74ALBALBEMARLE CORP COMhistory →COM0.24%$14M65.0K
75DOXAMDOCS LTD SHShistory →SHS0.23%$14M144.8K
76AZOAUTOZONE INC COMhistory →COM0.23%$14M5.6K
77ADBEADOBE SYSTEMS INCORPORATED COMhistory →COM0.23%$14M35.4K
78CITHE CIGNA GROUP COMhistory →COM0.23%$14M53.1K
79EXPDEXPEDITORS INTL WASH INC COMhistory →COM0.23%$14M122.8K
80KLACKLA CORP COM NEWhistory →COM0.22%$13M33.2K
81AMGNAMGEN INC COMhistory →COM0.22%$13M54.7K
82FICOFAIR ISAAC CORP COMhistory →COM0.22%$13M18.7K
83LLYLILLY ELI CO COMhistory →COM0.22%$13M37.6K
84NUENUCOR CORP COMhistory →COM0.21%$13M82.4K
85PFEPFIZER INC COMhistory →COM0.21%$13M310.7K
86HDHOME DEPOT INC COMhistory →COM0.21%$13M42.9K
87WMSADVANCED DRAIN SYS INC DEL COMhistory →COM0.21%$13M150.2K
88AMZNAMAZON COM INC COMhistory →COM0.21%$12M120.1K
89VLOVALERO ENERGY CORP COMhistory →COM0.21%$12M88.7K
90AMEAMETEK INC COMhistory →COM0.20%$12M83.5K
91DOVDOVER CORP COMhistory →COM0.20%$12M78.0K
92RUNSUNRUN INC COMhistory →COM0.20%$12M585.0K
93IEXIDEX CORP COMhistory →COM0.20%$12M51.0K
94CBCHUBB LIMITED COMhistory →COM0.20%$12M60.6K
95CSCOCISCO SYS INC COMhistory →COM0.20%$12M224.1K
96SNASNAP ON INC COMhistory →COM0.19%$12M46.8K
97TE CONNECTIVITY LTD SHSSHS0.19%$12M87.7K
98FTNTFORTINET INC COMhistory →COM0.19%$11M172.7K
99VRSNVERISIGN INC COMhistory →COM0.19%$11M54.0K
100OTISOTIS WORLDWIDE CORP COMhistory →COM0.19%$11M134.5K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$5.7B67May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$6.3B66Feb 9, 202613F-HRchanges · EDGAR ↗
Q3 2025$6.2B66Oct 28, 202513F-HRchanges · EDGAR ↗
Q2 2025$5.8B68Jul 18, 202513F-HRchanges · EDGAR ↗
Q1 2025$7.4B347May 12, 202513F-HRchanges · EDGAR ↗
Q4 2024$7.5B345Feb 10, 202513F-HRchanges · EDGAR ↗
Q3 2024$7.8B348Nov 13, 202413F-HRchanges · EDGAR ↗
Q2 2024$7.0B344Jul 16, 202413F-HRchanges · EDGAR ↗
Q1 2024$6.9B365May 24, 202413F-HRchanges · EDGAR ↗
Q4 2023$6.6B351Feb 5, 202413F-HRchanges · EDGAR ↗
Q3 2023$5.8B346Nov 8, 202313F-HRchanges · EDGAR ↗
Q2 2023$6.2B359Aug 7, 202313F-HRchanges · EDGAR ↗
Q1 2023$5.9B387May 11, 202313F-HRchanges · EDGAR ↗
Q4 2022$5.7B378Feb 13, 202313F-HRchanges · EDGAR ↗
Q3 2022$5.7B382Nov 10, 2022RESTATEMENTchanges · EDGAR ↗
Q1 2022$20.1B366Apr 25, 202213F-HRchanges · EDGAR ↗
Q4 2021$20.1B366Jan 28, 202213F-HRchanges · EDGAR ↗
Q3 2021$19.4B366Oct 22, 202113F-HRchanges · EDGAR ↗
Q2 2021$23.6B434Jul 22, 202113F-HRchanges · EDGAR ↗
Q1 2021$23.1B369Apr 30, 202113F-HRchanges · EDGAR ↗
Q4 2020$21.6B356Jan 28, 202113F-HRchanges · EDGAR ↗
Q3 2020$19.1B247Oct 20, 202013F-HRchanges · EDGAR ↗
Q2 2020$17.3B256Jul 17, 202013F-HRchanges · EDGAR ↗
Q1 2020$13.9B233Apr 20, 202013F-HRchanges · EDGAR ↗
Q4 2019$17.7B248Jan 17, 202013F-HRchanges · EDGAR ↗
Q3 2019$21.0B244Oct 16, 201913F-HRchanges · EDGAR ↗
Q2 2019$19.9B244Jul 26, 201913F-HRchanges · EDGAR ↗
Q1 2019$19.6B254Apr 12, 201913F-HRchanges · EDGAR ↗
Q4 2018$17.2B260Jan 28, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.